Geonix Tracking, which counts private security specialist The Olive Group among its clients, received £250,000 of venture capital funding from YFM Group.
Geonix develops and sells satellite and telecom hardware to monitor people and assets in remote and insecure locations such as the Middle East, Africa and the Indian subcontinent. It will use the funding to expand its manufacturing and marketing operations.
The company’s main product is GT2000, which is attached to satellite phones, cars, armoured vehicles, trucks, boats and trains to allow a company to monitor an employee’s movements. The system includes a panic button to be used in emergencies.
YFM, which is managed by the South West Ventures Fund, has recently made investments in the technology, leisure, healthcare and business services sectors.